Vingroup’s arm Vincom Retail sells Hanoi mall operator stake for $138 mln

Vincom Retail (HoSE: VRE), Vietnam’s leading retail property developer and a subsidiary of Vingroup (HoSE: VIC), has completed the sale of its entire equity interest in the operator of a Hanoi project as part of its investment optimization strategy.

The stake in Vincom NCT Real Estate Co. Ltd, the owner of Vincom Center Nguyen Chi Thanh, was sold to Bao Quan Trading Investment and Service Co. Ltd. for VND3.63 trillion ($138 million), Vincom Retail said in a statement.

Following the transaction, Vincom NCT is no longer its subsidiary. Bao Quan is an independent company with no affiliation to Vingroup or its related entities, the statement added.

Vincom Retail said the divestment aligns with its plan to streamline investments and concentrate resources on large-scale shopping centers with stronger growth potential.

During the ongoing renovation of Vincom Center Nguyen Chi Thanh, the company said customer services in unaffected areas, including supermarkets, dining zones, cinemas, and other facilities, will continue to operate as usual.

Vincom Retail operates Vietnam’s largest shopping mall network, with nearly 90 centers across 31 of the country’s 34 provinces and cities. Its newest properties include the 70,000-square-meter Vincom Mega Mall Ocean City in Hanoi’s east and the 55,000-square-meter Vincom Mega Mall Royal Island in Hai Phong.

In the first half of 2025, Vincom Retail reported consolidated revenue of VND4.27 trillion ($162 million), down 10% year-on-year, while net profit rose 10% to VND2.41 trillion ($92 million).

The company said it plans to continue expanding its footprint through malls integrated within Vinhomes’s large-scale urban projects.

VRE shares closed up 1.94% to VND36,800 ($1.4) each on Tuesday.